work with Mortgage Brokers? Hmmmm… - Posted by Jim IL
Posted by Jim IL on April 23, 1999 at 15:10:33:
I just got off the phone with a “buyer” who called on one of my ads. You see, they figured they could buy this home from a “friend” at a discount. They got approved for an 85% mortgage, and wanted to buy the home for that amount. The problem was that the “friend” could not afford the discount. They called me asking IF I had anything that might fit the profile they laid out. (typical, 3BR,1BTH, etc. certain geographic area)
So, we discussed how they could get into a house.
They informed me that they had a mortgage broker “friend” who said that they only needed to find a seller willing to “carry back” the remaining 15%.
They also did not fully understand what this meant and asked me to allow thier “mortgage broker” to call me.
He called, and wanted to know IF we can “work together”.
He has “many” buyers who he can get 80%-90% financing, and wanted know IF I could sell them homes and “Carry back” the rest.
So, I thought about it, and told him I’d look around for homes I can buy for less than that, and then sell while “Carrying back” a portion of the sales price.
This may work and it may not, but as we all know, a lead is a lead, so his number is filed.
Besides, his clients may just make good tenant/buyers for Lease Options??!
So, I’m not sure why I posted this, other than to say, Those darned leads seem to come from some rather unexpected places.
Anyone got a house for sale in Aurora, IL.? for 70% FMV?
So, if your in a “slump” and not getting the calls or leads, hang in there, and keep plugging away. They will come and we will all make money.